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Your Estate Plan: Don’t Forget About Income Tax Planning

RogerRossmeisl

Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs. Note: The federal estate tax exclusion amount is scheduled to sunset at the end of 2025. Beginning on January 1, 2026, the amount is due to be reduced to $5 million, adjusted for inflation.

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It’s Time for Your Small Business to Think About Year-End Tax Planning

RogerRossmeisl

For example, you could pull income into 2024 to be taxed at lower rates, and defer deductible expenses until 2025, when they can be claimed to offset higher-taxed income. Here are some other ideas that may help you save tax dollars if you.

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Top Year-End Tax Planning Strategies

CPA Practice

With a thorough understanding of their unique circumstances and the latest tax regulations, you can transform complex tax challenges into clear, actionable solutionssetting the stage for your clients financial success in 2025 and beyond.

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Bloomberg Tax Predicts 2025 Standard Tax Rates, Standard Deductions, and AMT

CPA Practice

Bloomberg Tax & Accounting has released its 2025 Projected U.S. Tax Rates, which indicate inflation-adjusted amounts in the tax code will increase 2.8% Bloomberg Tax’s annual Projected U.S. Act that affect tax planning for corporate taxpayers in certain industries. increase in 2023.

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Survey: Over Half of Accounting Firms Plan to Increase Fees in 2025

CPA Practice

Accounting and Tax Pricing Benchmark report from Ignition, which surveyed 345 owners and decision-makers in accounting firms, adds that most firms are planning to increase fees across services by 5% or 10% in 2025. Key findings include: 57% plan to increase fees across all services.

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BOI Reporting Is Back — Most Filings Now Due January 13, 2025

Nancy McClelland, LLC

Specifically: * Companies created or registered prior to January 1, 2024 have until January 13, 2025 to file. Companies created or registered on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file. What are my options?

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Pennsylvania Will Recognize Grantor Trusts for Tax Years Beginning After January 1, 2025

Withum

Pennsylvania Senate Bill 815, signed into law on December 14, 2023, amended the Pennsylvania tax code to recognize irrevocable grantor trusts for tax years beginning after January 1, 2025. This change may bring new tax planning opportunities, and your Withum tax advisor is available to explain how these changes impact you.